Incadea recommends 122m takeover bid from Dealertrack Technologies
Automotive retail and wholesale industry software supplier Incadea has received a £121.6m takeover bid from North American group Dealertrack Technologies.
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Incadea shareholders will receive 190p per share from Dealertrack under the terms of the acquisition, which has been recommended by Incadea.
Dealertrack said the acquisition would allow it to develop a global presence with a strong base of international customers in Europe, Asia and Latin America.
It said the move would also enable it to further develop strong, international relationships and cross-selling opportunities with key vehicle manufacturers and expand its total addressable market.
Dealertrack also plans to offer its products to Incadea's customers over the medium term.
Incadea chairman Phillip Lawler said:"Following our assessment of strategic alternatives, the board believes the offer from Dealertrack represents a very good result for Incadea shareholders."
Shares in Incadea soared 44p or nearly 32% to 182.5p at 09:13 in London.